Common use of Restrictions on Transfer of Restricted Shares Clause in Contracts

Restrictions on Transfer of Restricted Shares. (a) Except to the extent approved by the Company, the Participant shall not have the right to make or permit to exist any transfer or hypothecation, whether outright or as security, with or without consideration, voluntary or involuntary, of all or any part of any right, title, or interest in or to any Restricted Shares prior to the date that such Restricted Shares become Vested Shares. After Restricted Shares have become Vested Shares pursuant to this Award, there shall be no restrictions on the transfer of such Vested Shares other than those restrictions imposed by any Applicable Laws. (b) The restrictions contained in this Section will not apply with respect to transfers of the Restricted Shares pursuant to the laws of descent and distribution governing the state in which the Participant is domiciled at the time of the Participant’s death; provided that the restrictions contained in this Section will continue to be applicable to the Restricted Shares after any such transfer; and provided further that the transferee(s) of such Restricted Shares must agree in writing to be bound by the provisions of this Award.